Getting money out of online accounts

Daisy_Dumpling

I want to transfer some of my savings from my HSBC account paying a measly 3.2% to one paying a higher rate and as per Martin's advice, looked at Kaupthing Edge Online savings. I then was a good girl and read the T&Cs and it appears from there that it would cost me upto £37 to get any money out? (T&C 7.6.2)

Have I misread/misunderstood this? Can anyone who has an account with Kaupthing advise me on this please?

Many thanks

DD

occamsrazor

I haven't read the T&Cs for that particular account, but I'm guessing that may be the charge for an international transfer via SWIFT.
If both the HSBC and Kaupthing account are based in the UK, and are both in sterling, you should be able to transfer using the BACS transfer system without any charge.

Oblivion

Daisy_Dumpling wrote: »

I want to transfer some of my savings from my HSBC account paying a measly 3.2% to one paying a higher rate and as per Martin's advice, looked at Kaupthing Edge Online savings. I then was a good girl and read the T&Cs and it appears from there that it would cost me upto £37 to get any money out? (T&C 7.6.2)

Have I misread/misunderstood this? Can anyone who has an account with Kaupthing advise me on this please?

Many thanks

DD

You have mis-read Kaupthing's T&Cs. It costs absolutely nothing to get your money out via a normal BACS transfer.

Dave.

jem16

Daisy_Dumpling wrote: »

I then was a good girl and read the T&Cs and it appears from there that it would cost me upto £37 to get any money out? (T&C 7.6.2)

The charges you mention are £20 for a CHAPS withdrawal which means money is transferred on the same day.
£17.50 for an unpaid cheque.

Neither of these charges need to be applied if you use the normal BACS transfer into your linked account. This will take 3/4 days to transfer but is free.

Daisy_Dumpling

Thanks very much. :beer:

I thought it must just be me being stupid. At least I was right about that!